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British Columbia’s 20% Foreigners Buyer Tax

Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities in British Columbia, Canada The British Columbia government brought in the Foreign Property Transfer Tax Act Effective August 2, 2016, an additional 15% property transfer tax applies to residential property transfers to foreign entities in the Greater Vancouver Regional District. As of February 20, 2018, British Columbia's Foreign Buyers Tax was increased to 20% of the fair market value of a property that is sold to foreign entities. Where it applies to: The Greater Vancouver Regional District includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township,…

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BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government Reduces Tax burden on first-time buyers First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save…

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Goods & Services Tax (GST) Rebate Calculator

British Columbia Goods and Services Tax for Properties & Property Transfer Tax Calculator About 10 years ago, voters by a margin of 55% rejected the Harmonized Sales Tax in favour of the Goods and Services Tax. There is a huge amount of confusion surrounding taxes on property sales here in BC. I get so many questions on this topic that I have added this BC GST Rebate and PTT Calculator to my website to try to dispel some of the confusion surrounding taxes and real estate in BC. What is the Goods and Services Tax (GST) on Real Estate in…

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Selling a Revenue Property in Vancouver BC | Capital Gains Tax and Deducting Commission in Canada

 Selling a Revenue Property in Vancouver BC Capital Gains Tax and Deducting Real Estate Commissions in Canada So, you’ve decided to sell an investment condo or other revenue property in Vancouver. The first thing you’ll want to do is talk with your mortgage lender to check how much your mortgage penalties are going to be. Once there is clarity on the costs to end the mortgage you have to consider The Taxman, aka Canada Revenue Agency (CRA). I recently had the pleasure of meeting with Accountant Sean Akeroyd with Akeroyd & Leung about the tax implications of selling an…

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How to Sell a Vancouver Condo # 2 | Taxes on Selling a Property | Principal Residence?

How to Sell Your Condo in Vancouver 2: Taxes on the Sale Proceeds of your Home - Is it a Principal Residence? In Episode 1 of How to Sell a Vancouver Condo, we discussed how it is important to speak to your lender about mortgage penalties when deciding when to sell your Vancouver condo. There may be Taxes PAYABLE on the Sale Proceeds of My Condo?! In many cases, the answer, unfortunately, maybe yes! Today we're going to talk about the taxes that may be payable on the proceeds of the sale of your condo. A nasty surprise may come…

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Property Transfer Tax (PTT) and Vancouver Real Estate

 *** Looking for a PTT Calculator? Check out the BC Property Transfer Tax Calculator! *** I get questions all the time about BC's Property Transfer Tax and how it applies to Vancouver Real Estate. Here's a simple explanation. BC's Property Transfer Tax - What is it? Property Transfer Tax (PTT) is a British Columbia tax on the sale or transfer of ownership of any residential real estate property in the Province. How Much is the PTT? BC's PTT rate is 1% on the 1st $200,000 and 2% of the balance of the purchase price of any property sold in…

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Harmonized Sales Tax (HST) and Vancouver Real Estate

 *** PLEASE NOTE! HST is no longer payable in British Columbia and has been replaced by the GST! Check out this great BC GST Calculator!   I have been getting A LOT of questions about The British Columbia Government's new Harmonized Sales Tax and how it will affect Vancouver Real Estate. 4 Quick Facts on BC's proposed new 12% HST effective July 1, 2010: It only applies to BRAND NEW properties and is paid when the property completes at the Land Titles Office.  The HST is NOT PAYABLE on re-sale properties or used properties. Increase in the maximum threshold…

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